Answering your questions about Singapore Budget 2022

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Answering your questions about Singapore Budget 2022

Key Takeaways

Goods and Services Tax (GST) hike will be delayed to January 2023 and implemented in two phases.
Taxes will be raised for top earners, property and luxury cars.
More support will be given to businesses and households.
Carbon tax will be raised to achieve net zero emission goals.

Singapore's Finance Minister Mr Lawrence Wong shared some key announcements in his Budget 2022 speech on 18 February 2022, themed 'Charting our new way forward together'. These measures are aimed at strengthening the country's social compact for a post-pandemic future.

5 must-know updates about Singapore Budget 2022

UOB economist, Barnabas Gan said despite Singapore’s projected expansion, geopolitical tensions may pose downside risks to growth. He provided an overview of what SMEs need to be aware of this year—in particular, rising business and household costs are concerning. However, Barnabas remains largely optimistic about the support the government will provide.